Zacks Investment Research upgraded shares of OceanFirst Financial (NASDAQ:OCFC) from a sell rating to a hold rating in a research report sent to investors on Thursday, Zacks.com reports.

According to Zacks, “OceanFirst Financial Corp. is a holding company for the OceanFirst Bank. “

A number of other research analysts have also issued reports on the stock. Raymond James upgraded shares of OceanFirst Financial from an outperform rating to a strong-buy rating and set a $25.00 target price on the stock in a report on Thursday, August 29th. They noted that the move was a valuation call. BidaskClub lowered shares of OceanFirst Financial from a hold rating to a sell rating in a report on Wednesday. ValuEngine upgraded shares of OceanFirst Financial from a sell rating to a hold rating in a report on Friday, October 4th. DA Davidson lowered shares of OceanFirst Financial from a buy rating to a neutral rating and cut their price objective for the stock from $27.00 to $21.50 in a report on Monday, August 12th. Finally, Keefe, Bruyette & Woods lowered shares of OceanFirst Financial from an outperform rating to a market perform rating and cut their price objective for the stock from $29.00 to $26.50 in a report on Monday, July 29th. One analyst has rated the stock with a sell rating, six have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $25.60.

NASDAQ:OCFC traded up $0.19 on Thursday, reaching $23.79. The stock had a trading volume of 118,937 shares, compared to its average volume of 229,145. The company has a market cap of $1.21 billion, a price-to-earnings ratio of 12.02 and a beta of 0.78. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.98 and a quick ratio of 0.98. The firm’s fifty day moving average is $22.80 and its two-hundred day moving average is $23.86. OceanFirst Financial has a 12-month low of $20.46 and a 12-month high of $26.81.

OceanFirst Financial (NASDAQ:OCFC) last released its earnings results on Thursday, July 25th. The savings and loans company reported $0.51 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.55 by ($0.04). The firm had revenue of $74.72 million during the quarter, compared to analysts’ expectations of $77.38 million. OceanFirst Financial had a net margin of 27.15% and a return on equity of 9.53%. As a group, research analysts forecast that OceanFirst Financial will post 2.06 earnings per share for the current fiscal year.

Several hedge funds have recently made changes to their positions in OCFC. Invesco Ltd. lifted its holdings in shares of OceanFirst Financial by 1,857.6% during the 2nd quarter. Invesco Ltd. now owns 745,123 shares of the savings and loans company’s stock worth $18,516,000 after acquiring an additional 707,059 shares during the period. Nuveen Asset Management LLC purchased a new position in shares of OceanFirst Financial during the 2nd quarter worth about $6,513,000. Wells Fargo & Company MN lifted its holdings in shares of OceanFirst Financial by 55.7% during the 2nd quarter. Wells Fargo & Company MN now owns 441,611 shares of the savings and loans company’s stock worth $10,974,000 after acquiring an additional 157,941 shares during the period. Emerald Advisers LLC lifted its holdings in shares of OceanFirst Financial by 26.2% during the 2nd quarter. Emerald Advisers LLC now owns 746,111 shares of the savings and loans company’s stock worth $18,541,000 after acquiring an additional 154,764 shares during the period. Finally, Marshall Wace LLP lifted its holdings in shares of OceanFirst Financial by 462.0% during the 2nd quarter. Marshall Wace LLP now owns 160,513 shares of the savings and loans company’s stock worth $3,989,000 after acquiring an additional 131,954 shares during the period. Institutional investors and hedge funds own 69.14% of the company’s stock.

About OceanFirst Financial

OceanFirst Financial Corp. operates as the holding company for OceanFirst Bank N.A. that provides a range of community banking services. The company offers various deposit products to retail, government, and business customers, including money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing accounts, and time deposits.

Featured Story: How much can an individual set aside as a catch-up contribution?

Get a free copy of the Zacks research report on OceanFirst Financial (OCFC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for OceanFirst Financial (NASDAQ:OCFC)

Receive News & Ratings for OceanFirst Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for OceanFirst Financial and related companies with MarketBeat.com's FREE daily email newsletter.